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July 14, 2023
DeSantis outspends Trump on digital ads ahead of GOP debates
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DeSantis is outspending Trump on digital ads while many GOP long-shot candidates employ fundraising gimmicks to meet party debate requirements
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Airlines spend millions on lobbying as summer travel season takes off
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As millions of travelers take to the skies, disgruntled by high prices and cancellations, airline groups spend millions on lobbying efforts
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OpenSecrets' Chart of the Week
Dive deeper into the data behind the headlines
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2022 was a banner year for crypto industry lobbying. Total federal lobbying spending was more than double that in 2021. The number of crypto industry lobbyists exploded to 279, the majority of whom were revolving door hires who previously held jobs in the federal government.
Among the top spenders in crypto lobbying were Coinbase and Binance, two major crypto exchanges sued by the SEC in June 2023. Binance allegedly mishandled customer funds, while Coinbase was charged with violating the law by selling unregistered securities.
The task of regulating crypto has thus far been left to a patchwork of rules and guidance from the Securities and Exchange Commission, Commodity Futures Trading Commission and Treasury Department. One bipartisan caucus in Congress has objected to even that minimal oversight.
Crypto has been around for over a decade but the question of how it fits into the wider financial system remains up for debate. Whether it’s characterized as commodity, security or just an elaborate greater-fool scheme that converts mathematics into greenhouse gas, the technical underpinnings of blockchain-based financial products often obfuscate practical discussion of the industry.
Click below to read our newly released Cryptocurrency Profile [[link removed]] for more data and insight into the industry.
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OpenSecrets in the News
See our media citations from outlets around the nation this week:
Blocked Rail Crossings Snarl Towns, but Congress Won’t Act [[link removed]]
(New York Times) [[link removed]]
Senator John Thune of South Dakota, the No. 2 Republican in the Senate and a former rail lobbyist, criticized the blocked crossing provision.Mr. Thune has received about $341,000 in campaign contributions since 2010 from railroad employees and political action committees, according to an analysis by OpenSecrets, which tracks money in politics.
Target's Popularity Hits Rock Bottom as Boycott Hurts Brand (Newsweek) [[link removed]]
Target Corp PAC donated a total of $249,900 to help Republicans get elected in 2022, according to OpenSecrets. Meanwhile, the retail chain donated only $174,500 to Democratic campaigns, meaning more than 58 percent of its donations went toward GOP members.
Analysis: U.S. crypto lobbyists court Democrats in fresh legislative push (Reuters) [[link removed]]
The industry has been trying to repair the damage. It spent around $6 million on federal lobbying in the first quarter, putting it on track for another record year after spending $21.6 million in 2022, according to OpenSecrets. Coinbase was the biggest spender during the first quarter at $700,000.
Sludge [[link removed]]
Newsweek [[link removed]]
Nebraska Examiner [[link removed]]
Colorado Public Radio [[link removed]]
Bloomberg Law [[link removed]]
Raw Story [[link removed]]
Truthout [[link removed]]
Bloomberg [[link removed]]
Background Briefing [[link removed]]
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OpenSecrets Fall Internship Deadline
If you'd like to learn how to serve the perfect cup of coffee, OpenSecrets won't be for you. But if you're looking for a challenging public-interest internship that will turn you into a detective in our nation's capital, send us your résumé!
Research and reporting internship opportunities are available. The fall application period ends on July 22, 2023.
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